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    September 11, 2009
    Show AI Summary
    Regulatory empowerment of cost accountants urged to strengthen pricing oversight and expanded statutory audit and certification roles
    Request for expanded statutory roles for cost and management accounting professionals to support price stabilization and strengthen enterprise governance by implementing Expert Group recommendations. Key proposals include redrafting cost accounting and audit provisions to remove anomalies with company law, permitting cost accountants to attest and certify statements under Revised Schedule VI, inclusion of cost accountants in LLP audits and within the definition of "Accountants" under the Direct Tax Code, representation in the IFRS Expert Group, addition of the cost accountant designation to MCA-21 Form I, and renaming the institute for global alignment.
    September 10, 2009
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    Formation of Non Profit Investment Promotion Company approved to centralize and facilitate foreign direct investment promotion.
    Approval creates Invest India as a Section 25 non profit joint venture to promote and facilitate FDI, with a Board equally representing the Department of Industrial Policy and Promotion and the industry partner, a DIPP non executive Chair, an appointed Managing Director, and administrative support from the private partner. Initial equity and funding arrangements provide majority private participation with phased reduction of the Central share and equity induction by State Governments; DIPP's contribution will be funded from its investment promotion scheme.
    September 8, 2009
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    Foreign direct investment approvals noted alongside deferrals, rejections, automatic route advices and an escalation for higher approval.
    Nine foreign investment proposals were approved to permit foreign equity participation, ex post facto regularisation, establishment of wholly owned subsidiaries, increases in foreign equity caps, and issuance of securities, with specific proposals identified for compliance with existing press note guidance. Concurrently, thirteen proposals were deferred for further scrutiny, five were rejected, three withdrawn, six advised for the automatic route, and one escalated for higher level consideration.
    July 16, 2009
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    Societies registration enables establishment of a corporate affairs institute to provide capacity building and regulatory support.
    The Indian Institute of Corporate Affairs is constituted as an institutional vehicle to support corporate governance, reform and regulation and is registered under the Societies Registration Act, 1860, providing the legal basis for advisory, capacity building and service delivery activities; it functions as a holistic think tank focused on knowledge management, global partnerships and real-time solutions and is operating from Paryavaran Bhawan, CGO Complex, New Delhi.
    July 14, 2009
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    Regulation of valuation professionals proposed via autonomous institute to standardize business valuation, certification and disciplinary oversight.
    Recommendation to establish an autonomous Institute of Valuation Professionals to regulate and professionalise valuation through a Council, independent disciplinary and quality review, a common certifying examination, uniform technical standards, and statutory emphasis on business valuation with integration of specialists for physical assets.
    May 4, 2009
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    Trade mark fees and form framework defining application, renewal, opposition and expedited filing procedures and charges.
    Schedule prescribes the fee and form framework for trade mark filings, prosecutions, renewals, restorations, special mark registrations, oppositions and ancillary services. It distinguishes single-class and multi-class filings, sets per-mark and per-class charges for series, collective, certification and textile marks, and lists fees for oppositions, counterstatements, extensions, transfers, registration of users, searches, certified copies, expedited services and agent registration, mapping each payable instance to a specific form.
    February 20, 2009
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    Inspection powers under the Companies Act enable government inspections and public electronic disclosure of audited company accounts.
    Government uses inspection powers under section 209A of the Companies Act, 1956 to inspect company books on complaint or other information of non compliance, with suitable legal action taken for violations; 263 companies were inspected between 1.4.2003 and 31.1.2009. An electronic registry publishes filed and audited accounts; auditors are appointed by statute and regulated under the Chartered Accountants Act, 1949, while company secretary certification and regulation apply for listed companies under the Company Secretaries Act, 1980. Amendments in 2006 strengthened disciplinary mechanisms and Accounting Standards were notified; the Companies Bill, 2008 was introduced to further strengthen checks against irregularities.
    February 19, 2009
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    Corporate disclosure integrity strengthened through auditor peer review and event based disclosures to curb financial reporting misstatements.
    Investigations were initiated into material misstatements in a listed company's financial accounts, with regulators inspecting auditors' documents, company records and promoters' statements, while the securities regulator mandated a panel-led peer review of auditors' working papers and amended rules requiring event-based and periodic disclosures on promoters' share pledging to strengthen auditor oversight and transparency.
    February 14, 2009
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    Company disclosure obligations trigger investigation and statutory enforcement including document requisition and management remedies.
    Allegations of falsified financial statements at Satyam led the Government to order SFIO investigations under Section 235 and to empower Inspectors under Section 240(1A) and 240(2)(b) to obtain documents and examine on oath entities including Maytas Properties, Maytas Infra and 356 connected persons; the action proceeds within the statutory framework requiring true and fair disclosures, independent statutory audits, company secretary certification for listed entities, and governmental inspection and remedial powers under the Companies Act, subject to Company Law Board approvals.

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      Corp. Laws, SEBI & IBC

      9 FDI Proposals approved

      September 8, 2009

      Contents
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      Based on the recommendations of Foreign Investment Promotion Board (FIPB) in its meeting held on August 28, 2009, Government has approved 09 Proposals of Foreign Direct Investment amounting to Rs. 74.61 Crore approximately.               

      Following 09 (Nine) proposals have been approved.

      Sl. No.

      Name of the applicant

      Particulars of the proposal

      FDI/NRI inflows (Rs. In Crore)

      ECONOMIC AFFAIRS

      1

      M/s Mundus Real Estates Pvt. Ltd., Margao 

      To repatriate the amount received from the foreign investor to undertake construction development activities, as the foreign investor cannot provide the balance amount to meet the minimum capitalization norms.

      No Fresh Inflow

      2

      M/s Ramboll Whitbybird Holdings Ltd., UK

      Ex-Post-facto approval of the prior foreign equity participation by virtue of the acquisition in 2007 subject to Press Note 1/2005.

      16.00

      3

      M/s Alpari Forex (India) Pvt. Ltd.,Ahmedabad

      To undertake commodity broking and currency future derivatives.

      No physical inflow.

      HEAVY INDUSTRY

      4

      M/s Rescal S.A.S France

      To undertake the activities of Test Marketing of fabricated metal products, parts and accessories for electrical industrial machinery and apparatus. 

      0.01

      MICRO SMALL AND MEDIUM ENTERPRISES

      5

      M/s Amann Sewing & Embroidery Threads Pvt. Ltd., Chennai 

      To set up a Wholly Owned Subsidiary to undertake Test Marketing activities of Sewing threads.

      13.6

      PETROLEUM & NATURAL GAS

      6

      M/s Ramboll Singapore Pte. Ltd., Singapore

      To set up a Wholly Owned Subsidiary to provide engineering consultancy services in the field of Oil and Gas.  The proposal attracts Press Note 1/2005.

      22.00

      INDUSTRIAL POLICY & PROMOTION

      7

      M/s Housing Development Finance Corporation Ltd.

      To issue and allot warrants and to QIBs on a QIP basis in accordance with the provisions of Chapter XIII- A of the SEBI. 

      Not indicated

      8

      M/s High Mark Credit Information Services

      To increase the foreign equity participation from 40% to 49%.

      23.00

      9

      M/s Marconi Telecommunications (India) Pvt. Ltd.

      To issue shares to its parent company against trade payable  by it.

      Nil

      The following 13 (Thirteen) proposals have been deferred:

      Sl. No

      Name of the applicant

      Particulars of the proposal

      1

      M/s Maharishi Solar Technology (P) Ltd., New Delhi  

      Induction of investment from Indian company on behalf of a Foreign company on account of an arbitration proceeding.

      2

      M/s Shree Meenakshi Food Products Pvt. Ltd., Mumbai 

      To issue equity shares to undertake manufacturing of Pan Masala and other tobacco Products.

      3

      M/s Futuristic Diagnostic Imaging Centre Pvt. Ltd., Bangalore

      Ex-post facto approval for foreign investment in the company engaged in manufacturing of medical radioisotopes & Nuclear Medicine/Cancer Imaging Centre.

      4

      M/s Nova Integrated Systems Ltd., Mumbai

      To issue fully and Compulsorily Convertible Debentures (CCDs)/ Equity Shares, for undertaking manufacturing and marketing of defence equipment.

      5

      Mr. Alan Ian Sanderson & Mrs. Sandra Lesley Diane Day, UAE

      To acquire 100% capital for the business of advertisement along with publication of Directories, Yellow Pages, Journals.

      6

      M/s Jaipur IPL Cricket Pvt. Ltd., (JIPL), Mumbai

      To induct 100% foreign equity by way of issue of shares for consideration other than cash inflow.

      7

      M/s Opto Circuits (India) Limited, Bangalore

      Preferential issue of Convertible Warrants under SEBI (DIP) guidelines.

      8

      M/s Vyoneesh Technologies Pvt. Ltd., Delhi

      To set up a Joint Venture Company with 26% foreign equity for manufacturing, designing, etc. of Defence related equipment.

      9

      M/s Shanghai Urban Construction (Group) Corporation, (SUCG), China 

      To set up a Wholly Owned subsidiary in the field of construction activities, project construction, industrial investment, trade, etc.   The proposal attracts Press Note 1/2005.

      10

      M/s Monsanto India Ltd

      For amendment of the extant approval to enable the company to  undertake business activities involving the use of genetically engineered cells and material. 

      11

      M/s Images Multimedia Pvt. Ltd.

      To issue equity shares to foreign investor to undertake publication of speciality magazines in the fashion and retail industry, managements of events focusing on fashion and retail sector.

      12

      M/s D.B. Corp Ltd.

      The company intends to make an initial public offering, including an offer for sale from existing promoters up to 26% of post-IPO paid up share capital.              

      13

      M/s Verint System India Pvt. Ltd.

      To make amendment in the FC approval.

        The following 5 (five) proposals have been rejected:

      Sl. No

      Name of the applicant

      Particulars of the proposal

      1

      M/s Dynamic Alternatives Pty Ltd., Republic of South Africa

      To set up a Wholly Owned Subsidiary to carry out the business of Detective & Protective Services.

      2

      M/s Aer Rianta International cpt

      To set up a holding company to make downstream investment to pursue other duty free opportunities.

      3

      M/s Redington (India) Ltd.

      (i) To extend the time limit for capitalizing the NBFC and (ii) to undertake strategic investments in Indian unlisted and listed companies, and to undertake portfolio investments in Indian listed companies.

      4

      M/s Goldman Sachs (Mauritius) LLC

      To waive of the condition of Press Note 1 of 2005.

      5

      M/s Ventureeast Trustee Company Pvt. Ltd.,

      To accept contributions into the Fund under the foreign direct investment route and to issue Units; and to make investments in securities of the Indian companies.

      The following 3 (Three) proposals have been withdrawn from the agenda.

      Sl. No

      Item No.

      Name of the applicant

      1

      3

      M/s Italia Wood Interiors Ltd., Ahmedabad

      2

      16

      Mr. Gagan Verma

      3

      26

      M/s Gammon Infrastructure Projects Ltd.

      The following 6 (Six) proposals have been advised to access automatic route.

      Sl. No

      Item No.

      Name of the applicant

      Particulars of the proposal

      FDI/NRI inflows (Rs. In Crore)

      1

      6

      M/s Simulmedia Inc. Delaware, USA

      To acquire equity shares either by itself or through its affiliates, subsidiaries or group companies under the provisions of Press Note 4 of 2009 to carry on the business of research, design and development of systems and applications software and hardware relating to emerging TV technologies. 

      0.01

      2

      7

      M/s Network18 Media & Investments Ltd., Delhi

      To induct foreign equity by way of subscribing to equity shares and to permit the non resident investment limit (including FDI, FII, NRIs, ADRs, ADS, GDRs, FCCBs etc.) upto 49% of the fully diluted paid up capital.

      119.63

      3

      10

      M/s Fishman Realty Management Services India Pvt. Ltd., Delhi

      To issue equity shares/fully convertible debentures to carryout the business of advisory services on project construction, project designing, project planning, project marketing and project supervision in India.

      0.019

      4

      11

      M/s Energee Realty Ventures Pvt. Ltd., Mumbai

      To issue equity shares / fully convertible debentures to carryout the business of construction development projects.

      0.96

      5

      18

      M/s Omega Foundry Machinery Ltd., UK

      To set up a new Joint Venture company with a foreign equity of 50% as a small scale industrial unit.

      0.005

      6

      24

      M/s Qatar General Petroleum Corporation

      To increase foreign equity upto 62% for operating and providing Helicopter services

      0.52

      The following 01 (One) proposal has been recommended for the consideration of CCEA, as the initial approval was granted by CCEA.

      Sl. No

      Item No.

      Name of the applicant

      Particulars of the proposal

      FDI/NRI inflows (Rs. In Crore)

      1

      33

      M/s Daimler AG

      Ex-Post-facto approval for increase in the foreign equity participation to 100%.

      78.48

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